﻿The data and code included in this package are used to produce the analyses reported in "Political connections cause resource misallocation: Evidence from the fall of fascism in Italy,” by Mara Faccio and John J. McConnell, Financial Management, http://doi.org/10.1111/fima.12489.  

The “do” files should be run in the following order: 

Code Part 1 Directors.do; 
Code Part 2 Directors.do; 
Code Part 3 Balance Sheets.do;
Code Part 4 Balance Sheets.do; 
Code Part 5 Balance Sheets.do.

The code makes use of several datasets that are not provided and must be obtained by the researcher. Those datasets are described in the manuscript.

The original four excel files "Data scraping Directors xxxx-yyyy.xlsx" contain the names of O&Ds of Italian companies from the IMITDA database. Each sheet number corresponds to the firm ID in the IMITDA database. In the pseudo data files included, for the purpose of showing the structure of the data, original data are tabulated for firms with IDs "5", "11", "16" and "22" (only).

The file "Nomi Politici Aggiustati Last FIrst Name.xlsx" contains the names of Italian politicians as described in the manuscript.

The original four excel files "Data scraping Bilanci xxxx-yyyy.xlsx" contain balance sheet data for the Italian companies in the IMITDA database. Each sheet number corresponds to the firm ID in the IMITDA database. In the pseudo data files included, for the purpose of showing the structure of the data, original data are tabulated for firms with IDs "5", "11", "16" and "22" (only).

The package include a log file "FM20241008.smcl" that reproduces all the results in the manuscript.



